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Zurich Finan Servs (0JB0)

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Tuesday 04 November, 2003

Zurich Finan Servs

Philippines

Zurich Financial Services
04 November 2003


   Zurich Financial Services
  Media and Public Relations
                Mythenquai 2
                    P.O. Box
                 8022 Zurich
                 Switzerland



    Phone +41 (0)1 625 21 00
      Fax +41 (0)1 625 26 41
       media.info@zurich.com
       http://www.zurich.com


Zurich Financial Services sells businesses in the Philippines and enters
cooperation agreement for the International Program Business



Zurich, November 4, 2003 - Zurich Financial Services Group (Zurich) has today
announced that it has signed an agreement for the sale of its wholly owned
Non-life subsidiary in the Philippines, Zurich General Insurance Philippines,
Inc., to Standard Insurance Company, Inc., Manila (Standard). Based on a mutual
cooperation agreement Standard will, upon completion of the transaction, act as
a cooperative partner of Zurich to serve Zurich's International Program
Business' corporate customers in the Philippines.  Zurich has further announced
today that it has signed an agreement for the sale of the insurance portfolio of
its subsidiary Zurich Life Philippines, Inc. to The Manufacturers Life Insurance
Company (Phils.), Inc. (Manulife). The two transactions, for which terms and
conditions have not been disclosed, require the approval of local regulatory
authorities.



The decision to exit these businesses in the Philippines is in line with
Zurich's strategy, to allocate capital to core markets in order to generate
sustained profitable growth.



At the end of 2002, Zurich General Insurance Philippines, Inc. and Zurich Life
Philippines, Inc. had generated USD 16.5 million in gross written premiums.




Zurich and the buyers have begun a communications program designed to keep all
stakeholders informed. Zurich is confident that both Standard and Manulife will
continue to offer an excellent service to customers. No redundancies are
expected as a result of these transactions.



Zurich Financial Services is an insurance-based financial services provider with
an international network that focuses its activities on its key markets of North
America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is
headquartered in Zurich, Switzerland. It has offices in more than 50 countries
and employs about 64,000 people.





For further information please contact:
Zurich Financial Services, Media and Public Relations
8022 Zurich, Switzerland
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
http://www.zurich.com
SWX Swiss Exchange/virt-x: ZURN




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